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US Stocks Climb; Trump Rejects Iran Deal, Suspends Gas Tax

5/12/2026

Summary

Trump Rejects Iran

U.S. stock indexes closed higher on Monday May 11, 2026, with the S&P 500 at 7,412.84, the Dow Jones at 49,704.47 and the VIX at 18.38.
President Donald Trump called Iran’s peace proposal totally unacceptable and will suspend the gasoline tax temporarily.
Technology shares lifted the market, with Micron jumping 7% and Nvidia gaining 2%.
Brent crude rose 4.2% to $105.57 per barrel as the Strait of Hormuz stayed largely closed.

Summary

Trump Meets Xi

CFRA lifted its S&P 500 year-end target to 7,730 points.
Yardeni raised its S&P 500 forecast to 8,250 points.
Eighty-three percent of S&P 500 companies beat earnings expectations, pushing first-quarter earnings growth to 28.6% year-on-year.
Short-seller Michael Burry said the market had “jumped the shark” in an early-morning web post.
President Donald Trump will meet Chinese President Xi Jinping in Beijing to discuss the Iran war, trade, AI and rare-earth minerals.

Summary

Trump China Talks

Iran’s Tasnim agency says Tehran demands an end to the war and the lifting of sanctions.
Israeli Prime Minister Benjamin Netanyahu warned the war with Iran is not over, stressing efforts to curb Tehran’s nuclear program.
U.S. President Donald Trump’s planned China trip will include talks with Premier Xi Jinping on trade and rare-earth export controls.
European markets open mixed, with the FTSE up 0.15% and FTSE MIB down 0.13%.

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Trump Rejects Iran

U.S. stock indexes closed higher on Monday May 11, 2026, with the S&P 500 at 7,412.84, the Dow Jones at 49,704.47 and the VIX at 18.38.
President Donald Trump called Iran’s peace proposal totally unacceptable and will suspend the gasoline tax temporarily.
Technology shares lifted the market, with Micron jumping 7% and Nvidia gaining 2%.
Brent crude rose 4.2% to $105.57 per barrel as the Strait of Hormuz stayed largely closed.

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